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What to do with your old retirement savings plan

When you retire or change jobs, you have three options for your old 401(k) that can provide continued potential tax-deferred growth opportunities.1 Or, you can cash out; but, keep in mind that taxes will apply, plus possible withdrawal penalties.

Roll over to a Fidelity IRA – Lets you consolidate your retirement accounts in one place, while continuing tax-deferred growth potential. With a Fidelity IRA, you have access to a wide range of investment options.

Roll over to a new workplace plan (if permitted) – Lets you consolidate your 401(k)s into one account, while continuing tax-deferred growth potential. Investment options vary by plan.

Stay in your old workplace plan (if permitted) – Lets you continue tax-deferred growth potential; however, you can no longer contribute to the old plan. Investment options vary by plan.

For many investors, rolling over old workplace savings accounts to an IRA may offer the most compelling benefits for managing retirement savings. It’s also important to review investments at least once a year and rebalance as necessary.